Friday, 27 March 2015
Last updated 49 min ago
Jul 21 2014 | 10:52am ET
One of Renaissance Technologies’ two co-CEOs will travel to Capitol Hill tomorrow to defend his firm’s use of a controversial tax practice.
Peter Brown will testify before the Senate Permanent Subcommittee on Investigations tomorrow. That panel is looking into firms’ use of “basket options” to avoid paying the higher short-term capital gains rate on returns from high-frequency trading strategies. Joining Brown will be RenTech CFO Mark Silber and lawyer Jonathan Mayer.
In addition to the RenTech delegation, Barclays Americas chief administrative office Gerard LaRocca and managing director Martin Malloy, and Deutsche Bank prime brokerage co-chief Barry Bausano and managing director Satish Ramakrishna, will also testify.
The Internal Revenue Service last year challenged RenTech’s use of what it called a “particularly aggressive” tax-avoidance technique. RenTech has said the strategy is “appropriate under current law.”
Brown does not have to travel far to speak to the Senators: While RenTech is based in East Setauket, N.Y., Brown has lived in Washington, D.C., since 2009, when his wife, Margaret Hamburg, was appointed commissioner of the U.S. Food and Drug Administration by President Barack Obama.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…